AMD grooms Meyer to replace Ruiz

Advanced Micro Devices Inc. said it is grooming president and chief operating officer Dirk Meyer to take over as top executive at the microprocessor supplier although current chairman and CEO Hector Ruiz has no immediate plans to step down, according to news reports.

Responding to questions on a European business news channel, Ruiz said he expects to remain at the head of the company throughout 2008 and did not disclose when he might hand over to Meyer.

"We started doing [the succession planning] four years ago and I'm delighted that Dirk is a strong player," Ruiz reportedly told CNBC Europe. "When the time comes for me to hand the reins over to him, it's going to be fantastic."

Meyer has been with AMD for 12 years and prior to his appointment as COO and president, managed the company's microprocessor solutions business. He previously worked at Digital Equipment Corp. and Intel Corp.